Chase Stories

The Diaspora Life Plan.

24 Oct , 2016

Life is a journey, and what we encounter along the way has been proven to be very unpredictable. Many at times we don’t know what will happen next, so we just roll with flow. In that journey, you may face situations that are equivalent to that heavy fall that leaves you severely injured, stalling your progress whether it’s emotionally, physically or even financially. To reduce the risks that comes along with that fall, we have learnt over time to place cushions along the paths we take so that should we fall, the landing can be softer. And that’s what the Diaspora Life Plan Product (in collaboration with Liberty insurance) is designed to do for you. It cushions life’s unpredictability for you and your loved ones while in the Diaspora.

The world is not our permanent home, and the truth of the matter is that death happens when we least expect it. But what happens when it happens and you’re in the Diaspora? The logistics involved in making the burial arrangements can be financially draining for your family – from purchasing the tickets, providing a dignified funeral ceremony back at home. And if the person was a breadwinner of the family, this becomes a new burden for the family as they have to now take up his/her responsibilities. The Diaspora Life Plan takes into considerations these occurrences through its offering and offers the following major benefits;

Diaspora Ticket Benefit

It will pay out a lump sum benefit to the main member on the death of a family member.

The lump sum can be used to purchase a travel ticket and for contributions towards the funeral expenses for the departed family member.

The family member could either be a child, a spouse or a parent/parent-in-law.

Diaspora Funeral Benefit

Pays out a lump sum benefit to a nominated beneficiary on the death of the main member (member in the diaspora), a spouse, children, and parents/parents-in-law.

The funds paid out can be used to meet the rising cost associated with the passing of a loved one and to ensure that the loved one is buried in a dignified manner.

Upon receiving all necessary documentation, Liberty Life will make the payment within 48 hours, to ensure that member’s loved ones have access to money as soon as possible.

Diaspora Life Benefit

Pays a number of equal installments over 12 or 24 months to the nominated beneficiary.

The benefit will be paid out in the unfortunate event that the main member is deceased or impaired due to an accident as defined.

The funds paid out will be used to meet monthly costs of living that the main member was responsible for.

The funds will help ease the loss of income due to the unfortunate demise or impairment of the breadwinner.

The product has 3 packages from which one can choose. The packages define the different sum assured/cover amounts. These include;

Benefits

Platinum

Gold

Silver

Life Benefit

1,200,000

900,000

600,000

Funeral Benefit

1,000,000

750,000

550,000

Ticket Benefit

100,000

75,000

55,000

Annual Premium

57,645

43,437

29,506

Monthly Premium

5,765

4,344

2,951

Parents Benefits

Platinum

Gold

Silver

Funeral Benefit

1,000,000

750,000

550,000

Per Parent Premium

58,000

43,500

31,900

Premium = Cover*58/1000. You can only choose one package which will determine benefits and premium payable. The premium paid per package entitles one to all the benefits under the product.

For Joint life cover (main member and spouse), the above benefits will apply equally to the second life as for the main member. In addition, a 50% discount will be provided on the second life, thus the annual premium will be as follows: